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Crypto fever continues: On Monday of this week, Bitcoin broke $70,000 for the first time.
And the search for records continues unabated. This Wednesday morning, the crypto reserve currency is trading at $73,350 on US crypto exchange Coinbase. The interim peak value was $73,710, which is the current all-time high. The $80,000 limit can be reached.
Over the last seven days, Bitcoin’s value has increased by almost 10 percent. Its market cap is now $1.433 billion (up from $1.323 billion last week).
Nothing can slow down Bitcoin
Right now, the self-proclaimed crypto reserve currency seems to only know one direction. Surprising US inflation data released yesterday, Tuesday, only briefly interrupted the record run.
Matteo Bottacini of Crypto Finance commented, “Any setbacks are used to buy immediately, and breaking the $70,000 mark was an important milestone.”
But investors may begin to wonder when is the best time to sell. In principle, inflows from exchange-traded funds continue to be the driving force behind the upward move. Currently, the weaker US dollar provides additional support.
The rise is being celebrated in crypto circles as a return to top form. Skeptics warn of another boom-and-bust cycle that could prove disastrous for many. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
